m2m
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Post by m2m on Aug 7, 2016 15:03:37 GMT -5
Excess tax withheld on 1099-R. How to get it back?
Thanks!
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taz157
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Post by taz157 on Aug 7, 2016 16:21:52 GMT -5
When you file your tax return at the end of the year, the income along with the tax will be included on the return. It will be added to all the other income you received, and the tax paid will be included with other tax you've paid. If you did overpay after everything is said and done, you will receive a refund.
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m2m
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Post by m2m on Aug 7, 2016 17:14:55 GMT -5
Thanks taz, I think the question was not clear. Form 1040 has a section for payments - lines 64 to 73. There is no line for excess fed tax withheld on 1099-R. If not somehow entered as a payment on1040, how would it be refunded? Thanks again.
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TheOtherMe
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Post by TheOtherMe on Aug 7, 2016 17:19:53 GMT -5
It will be shown as tax withheld on your Form 1099-R. You will enter the amount in the section for withholding and then it will work as taz stated.
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m2m
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Joined: Dec 19, 2011 0:17:52 GMT -5
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Post by m2m on Aug 7, 2016 19:04:20 GMT -5
Thanks OtherMe The tax withheld is on the 1099-R. And it is greater than what is should be. What line on Form 1040 www.irs.gov/pub/irs-pdf/f1040.pdf do I enter the withheld tax so that it will show up as a payment which would then reduce whatever the total income tax would be. Thanks again!
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msventoux
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Post by msventoux on Aug 7, 2016 19:21:25 GMT -5
Line 64-Federal income tax withheld from Forms W-2 and 1099 is where you would enter the total withholding reported in Box 4 of the 1099-R.
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m2m
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Joined: Dec 19, 2011 0:17:52 GMT -5
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Post by m2m on Aug 8, 2016 14:44:41 GMT -5
Thanks MS, I totally missed that. I did see 1099 listed on line 64 - but I was so preoccupied with 1099-Misc income and did not think of 1099-R. Thanks again and have a great day!
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